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Strong trading performance boosts RWE's H1'19 results

RWE AG on Aug. 14 reported adjusted EBITDA of €1.13 billion in the first half of 2019, up 37% from €825 million in the same period in 2018, with the company attributing the increase to the "exceptional success" of its trading business.

Net income was €830 million, or €1.35 per share, an increase from €162 million, or 26 euro cents per share, in the prior-year period. The German utility recorded a loss from continuing operations before taxes of €67 million, compared with income of €68 million a year ago.

External revenue, excluding natural gas and electricity taxes, grew year over year to €6.97 billion from €6.69 billion.

Power generation totaled 73.7 billion kWh, down from 87.9 billion kWh in the same period in 2018.

"The strong operating result gives us tailwind for the coming months, which will be one of the most exciting periods in our company's history. RWE will soon turn into a 'new RWE' — an international player with a clear focus on renewables and energy storage," said RWE CEO Rolf Martin Schmitz, alluding to the company's asset exchange deal with E.ON SE, which it expects to close in September.

RWE recently raised its full-year 2019 guidance to between €1.40 billion and €1.70 billion for adjusted EBITDA, and to between €500 million and €800 million for adjusted net income, based on its strong trading performance in the first half.

RWE management is also looking at raising the dividend for fiscal year 2019 from 70 euro cents to 80 euro cents.